Jim Cramer was recommending Apple's stock again on Thursday:
iPod shortage! I knew it. I knew I was right to go get my iPods the day I had an analyst come on "Kudlow & Cramer" and say there was no shortage and that Apple (AAPL:Nasdaq) had a ton. I knew it because this product has no limits. And today, neither will its maker's stock, now that it has broken from the $65 strike that has contained it for so long.
[...]
Whatever. Now that Apple has freed itself from the $65 orbit, I would be buying the December 65 calls hand-over-fist, for a double.
By tomorrow.
Trouble is, by the time Cramer's piece was published, the December 65 calls were already selling for about 2 bucks. It was downhill from there, as AAPL got pinned to 65 on expiration Friday, and the calls went out worthless.
Oh, yeah, a few minutes before the close on Friday, Cramer had another piece recommending buying Apple (among others) because it was trapped at the 65 strike. No mention of his previous day's bad call, however.
Posted by jt at December 18, 2004 11:28 AM